OzForex confirms options include private equity sale or IPO

OzForex
is considering offers from a number of private equity players, as well as pondering a potential float, the online foreign currency exchange’s chief executive,
Neil Helm
has revealed.

Speaking to The Australian Financial Review after securing a deal to provide global money transfer provider, MoneyGram, with an online remittance platform, Helm said a run of customer wins had led to interest in the company solidifying into buyout offers.

Macquarie Bank
acquired 51 per cent of OzForex back in 2007, and in November 2010 it also secured strategic investments from US backers the Carlyle Group and Accel Partners.

Prior to its latest deal to provide so-called white label services to MoneyGram, OzForex has also signed on
Travelex
,
Macquarie Private Wealth
and
ING Direct
.

Rumours emerged in the Financial Review earlier this year that it had held talks with investment banking advisers about testing the market’s appetite for a potential trade sale. This had been prompted by an approach from a strategic buyer. Helm confirmed that potential offers were on the table, but that it was too early to make a call on how the company would proceed.

“On the back of the Travelex deal and other press around the business, we have had a number of enquiries from what you might call strategic partners, but also private equity firms, about our business," Helm said.

“I guess we are in the process of assessing our options, no decision has been made about any particular path to follow, but it is certainly encouraging that we have had such an interest in the business as a whole."

Helm said the business revenue had grown 25 per cent in the last financial year. Revenue hit $53 million in March 2013, having been $41 million for the 2012 financial year, and it has an annual turnover of around $9.18 billion.